Wayland Group has signed a definitive agreement to sell a 49.9% interest in Wayland’s international portfolio of assets to ICC International Cannabis Corp. "The terms of the definitive agreement are consistent with the Letter of Intent that was announced on January 15, 2019. Wayland will receive 300,000,000 shares of ICC under the agreement, representing approximately 35% of the current outstanding ICC shares on a fully diluted basis," the company explains. Wayland has also announced that Matthew McLeod, the current General Counsel and Vice President Operations and Compliance, has been appointed as President effective immediately.
In addition, under the proposed transaction Wayland will sign a three-year supply agreement with ICC that will supply ICC with 10,000kg of EU-GMP certified product per year, for a total of 30,000kg during the term.
Prior to closing, Wayland’s international business will be reorganized and held in a subsidiary which will be jointly owned by Wayland and ICC. Wayland will retain the right to appoint the board of directors and management of the Wayland international subsidiary.
Ben Ward, CEO of Wayland comments, “The proposed transaction with ICC will help Wayland to execute on the vision and platform established over the past two-and-a-half years to bring medical cannabis to evolving global markets.”
Shipments from Wayland’s EU-GMP designated facility in Langton, Ontario to Cannamedical in Germany have also begun.
"The proposed transaction with ICC remains subject to conditions to closing, including receipt of any applicable third party, securityholder and regulatory consents and approvals, the completion of a reorganization of Wayland’s international business and the receipt by each of Wayland and ICC of fairness opinions from their respective financial advisors and other customary conditions to closing a transaction of this nature," the company concludes.
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